Standardise and automate low-value tasks. Boost efficiency and speed up turnaround times. Save money. Raise quality. Decrease errors. Increase output … LawTech isn’t about robots taking over jobs, it’s about gaining real benefits from simple solutions to manage the routine, and keep your business moving forwards. Radiant Law can help.
The purpose of Radiant Law is to lead the way in better meeting client needs in creating and growing commercial relationships. We believe that technology is critical to delivering value to our clients, and we are prolific adopters of technology to enhance our services. For us, technology means simple, straightforward and easy-to-implement solutions that allow both our team and yours to work faster, more efficiently and collaboratively.
Our team will always look for ways to apply automation to our services to deliver better value and speed-up the processes we manage and the transactions we deliver for you. Technology is a means to an end – we employ it where it makes sense. We invest heavily in developing our own proprietary software, which includes employing our own team of developers, and, where appropriate, we also use best-in-class third party products. We also maintain a clear understanding of the opportunities and pitfalls of implementing technology to enhance the way your contracts are negotiated and managed.
Contract review technology: Remarkable
Optimising Word with Radiant Law’s proprietary contract technology
Transactional lawyers spend most of their time working in Word. Despite being feature-rich, legal is a small market for the software giant and their tools are not optimised for legal work requirements. This means that many day-to-day tasks are performed manually, resulting in repetitive and time-consuming work and an ad hoc approach to catching errors.
There is a better way: Remarkable. To support your business our lawyers use Radiant Law’s proprietary set of add-on tools for Word extends Word with a new toolbar of features specifically created to handle the things that lawyers find themselves dealing with on a regular basis.
Remarkable is unique. With over 50 features, it provides a set of tools in one place that make a significant impact on the way our lawyers work:
- Speed: Remarkable speeds up turnaround times, improving the client experience and the time taken to close contracts;
- Insights: Remarkable allows lawyers to quickly deliver valuable insights into transactions, including issue lists and obligation reports;
- Understanding: Remarkable helps lawyers maintain clarity within the complexity of large contracts, leading to more robust agreements that better protect clients’ interests;
- Accuracy: Remarkable catches many errors typically found in contracts, improving the quality of contracts and letting lawyers focus on the key concepts.
Features of Remarkable include the automated ability to check documents against many different rules for common errors, rebuild documents that have been broken through the negotiation process and speeding up many of the activities that would otherwise be time consuming manual tasks. The tools we have designed help our lawyers work with large and complex documents and crucially, allows them to see the wood for the trees.
Remarkable helps us to:
- Conform a very large contract in 20% of the time it would take to do it manually (and find many more errors than would be found in a manual review);
- Reduce the time taken to mark up a contract by 50% or more;
- Rebuild a document in seconds that used to take several hours of reformatting.
Analytics dashboard: Flow
Putting you in control of your business
At Radiant Law we understand that it’s vital for you to stay up-to-date on your matters and to be able to add value to the business with accurate, up-to-the-minute reporting on metrics and performance.
That’s why we created Flow, an analytics dashboard that gives you access to live data on the status of every matter we handle on your behalf. Flow is highly modifiable and we are able to tailor the system to track the metrics that are most important to you. You might want to view the number of contracts under negotiation and closed, turnaround times for contract creation, time taken to close contracts, the work types we are handling or the areas of most demand within your company. Flow gives you all the insight you need in just a few clicks.
- Flow puts you in control: you can see where every matter is at any point in time and whether the metrics that are important to you are being met and improved against;
- Flow gives you insights into your business: allowing you to see where demand is coming from, who in the business we are working with and the types of matters that are being supported. This helps you implement demand management and ensure that budgets are being charged back appropriately;
- Tracking your objectives: Flow allows us to track the objectives of your deal over the course of negotiations to ensure that the focus is always on the issues that matter to you;
- Continuous Improvement: Flow allows us to track performance on key metrics such as time to close, so that we have the data needed to keep improving the service and how we support your deals.
Document assembly made easy
Radiant Law uses Contract Express document automation software to produce (or enable our clients to produce) draft contracts. As well as enabling first drafts to be created in a matter of minutes, document automation minimises risks and ensures consistency and continuous improvement. The legal function can control and update the base template from which all future contracts are created. The template is built on a form that is agreed with the the client and is completely customised for the relevant project. Contract creation using Contract Express is simple:
- Radiant Law creates a template contract
- It then creates an interactive questionnaire (data form) based on the template, the answers to which populate the contract
- Thus a specifically tailored contract based on the replies to the data form is created in Word or PDF format
The benefits for clients of document automation include:
- Speed: Document automation speeds up the initial contract creation, even compared to working with a template. In addition, by producing more relevant and shorter contracts that are tailored to the particular situation, negotiations are more focused and overall times to signature are reduced
- Focus on the right thing: Document automation is the perfect way to start freeing up legal resources. Rather than a multi-step process which first captures the end user’s requirements and then proceeds to drafting, the business users produce their own tailored document in one step. The first drafts often don’t need legal review before being issued (completely removing legal from the critical path), because the output is controlled. Where legal input is needed, it takes less time as it can be focused on just the particular areas of concern
- Create better contracts: There is always a tension between completeness and brevity with contracts. We all know that brevity has tended to lose out over the years, as contracts tend to accrete terms to deal with every situation that has ever come up. Contract automation can help avoid this tension by allowing the contract to only include the terms that are actually relevant. At the same time, it adds rigour by making sure that issues are always considered (rather than just those that were included in the last draft to hand). This leads to shorter yet more complete contracts
- Continuous improvement: because it is so easy to issue a new template version with document automation, it allows you to create an environment of continual optimisation. Drafts can be tweaked to take account of changes in products and learning points from negotiations. The rewards of these improved contracts of course extend beyond signature – they lead to more relevant and usable agreements that help deliver more from the parties’ relationship